Tuesday, November 2, 2021

Lloyd's Register making Money from Credit Card issued to Employees?


 

Lloyd's Register come up some sort of agreement with U based Barclay's Bank for Credit Cards for the Lloyd's Register Employees. Yes, the same Barclay's Bank now in the news nowadays see below reported here


It's normal for corporations to get credit cards for Employees to meet official business expenses, so Lloyd's Register's decision to get Credit Card for employees is perfectly okay.

Now here is the fine detail: Most if not all Credit Card issuing banks offer cashback (or points which can be redeemed in form of cash) to the Credit Card holders based on the usage, and that largely explains why Lloyd's Register introduced Barclay's Credit card to it's employees, basically to collect the accumulated cashback centrally in UK. Absolutely nothing illegal in there, but what about Ethics, Morality of a self proclaimed "Charity" goals of Lloyd's Register Foundation? 

 Given the business model of Lloyd's Register which is primarily Surveyors and Auditors traveling by Air, Taxi, Rental Cars, Hotel Charges, Dinner Charges etc etc which are all chargeable to Clients. What is the total cashback that Lloyd's Register collects from Barclay's Bank? is a mystery that even the Clients who pay Lloyd's Register's Fees might not know in detail.

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